San Francisco, CA CAM Reconciliation Guide
Vacancy rates, property tax system, operating expense benchmarks, and market-specific CAM billing considerations for San Francisco, CA commercial landlords.
Current Vacancy Rates
Source: CBRE/JLL Q4 2025 Market Reports
Average CAM per Square Foot
Property Tax System
San Francisco Assessor-Recorder / County Assessors (San Mateo, Alameda, Contra Costa)
File Assessment Appeal Application with county Assessment Appeals Board. Prop 13 limits; Prop 8 temporary decline-in-value claims common in current market.
~1.18-1.25% effective rate (Prop 13)
Key Submarkets
CAM Billing Considerations
- Highest office vacancy among major metros, creating extreme gross-up exposure
- Prop 8 decline-in-value claims being filed aggressively
- Tech sector downsizing created unprecedented sublease overhang
- Earthquake insurance allocation disputes
- SF business tax reform (Prop F) affects operating cost structures
BOMA San Francisco
Market Context
San Francisco has 33.5% office vacancy, the highest among major US metros. Gross-up calculations are the defining CAM issue here. Prop 8 decline-in-value claims are common where assessed values exceed market values.
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